NCCPL issues guidelines for clearing members amid bank holiday on March 3

February 26, 2025 (MLN): The National Clearing Company of Pakistan Limited (NCCPL) has issued guidelines for Clearing Members (CMs) regarding the use of RMS functionalities provided by NCCPL due to the bank holiday on March 3.

The Margin Trading System (MTS) will not be available on February 27; however, the MTS release system will remain accessible on that date, according to a notice issued by NCCPL.

In accordance with NCCPL Procedures, payments up to Rs10 million (total amount for all markets) for the purpose of payment against exposure margins and losses may be accepted in the form of cheques by the company for all Markets.

Therefore, all CMs are advised to make available sufficient collateral in RMS on February 28, so as to avoid any margin-related issues on March 3.

Through the fund transfer facility in RMS, CMs can transfer their surplus funds from one market to another market (i.e. surplus funds in the DFC market can be transferred to the ready market or vice versa) without any involvement of NCCPL and settling bank staff.

Accordingly, CMs are advised to use this facility on bank holidays according to their business requirement.

Through this facility, CM can transfer PSD from the ready market to DFC and vice versa, subject to the availability of sufficient collateral in RMS.

On receiving a written request from a CM, clearly specifying the details of the instrument/ relevant market, CMs can transfer BG / near cash instruments (T-Bills, PIBs & Ijara Sukuks), deposited in one market to another.

In case of excess/surplus amount of Margin Eligible Securities (“MES”) deposited/pledged with NCCPL in one market, the CM may request NCCPL for the release of pledged securities through an automated interface available in the RMS and deposit/pledge in other markets for meeting the margin requirement.

This is with reference to the clearing schedule for the month of February 2025 issued by the Pakistan Stock Exchange (PSX) regarding the merge settlement on March 04 for trade dates February 27 and February 28 due to the Bank Holiday on account of 1st Ramadan-ul-Mubarak, March 03.

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